Memecoins
Meme Coin Price Drop Continues, Data Shows
Vladislav Sopov
Meme Cryptocurrency Season May Be Over: All Major Meme Coins Are Red Over the Past 24 Hours
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It looks like the euphoria around meme coins might finally be fading. Of the 10 worst-performing categories on CoinGecko, five are associated with meme cryptocurrencies. At the same time, the most painful losses are associated with small caps.
Base, Bleeding Solana Coin Ecosystems: Double-Digit Losses Recorded in 24 Hours
Over the past 24 hours, amid general apathy in the crypto market, it is once again coins associated with memes that have suffered the most. Two ecosystems demonstrated the worst performance measures. Meme coins on Base, a Coinbase L2 for Ethereum (ETH), lost more than 18% of their value overnight.
Image of CoinGecko
The cumulative capitalization of the 38 largest base coins fell to $142 million. The price of meme coin Brett (BRETT) fell by over 40%.
The Solana (SOL) meme coin segment wiped 12.6% of its value. The net market capitalization of Solana-based meme cryptocurrencies is just over $1.67 billion.
Additionally, cat-themed meme coins and BRC-20 assets (some tokens in this category are also associated with memes) are among the worst performers.
While the value of Cat Coins fell by 8.8%, BRC-20 cryptocurrencies lost 8.7% of their total value.
$8.5 million in DOGE, WIF and BONK positions liquidated, mostly long positions
This decline in the meme coin sphere has triggered eight-figure sell-offs in the futures markets. Dogecoin (DOGE), Dogwifhat (WIF), Bonk (BONK) and Pepe (PEPE) are the most affected here.
With a total of $150 million liquidated in the last 24 hours, the three largest meme coins are responsible for an equivalent loss of $8.5 million.
More than 80% of this sum should be allocated to long positions.
The total crypto market cap is down 2%, data shows.
About the Author
Vladislav Sopov
Blockchain analyst and writer with a scientific background. 6+ years in computer analysis, 3+ years in blockchain.
Worked in independent analyzes as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)